Bitcoin business operators held

Kathmandu, Oct 6 : First of its kind, the Central Investigation Bureau (CIB) of Nepal Police has arrested seven persons for their alleged involvement in running bitcoin networking business.
A team of the CIB arrested them from Kathmandu and Chitwan on Wednesday.
Those arrested are Gyan Prasad Poudel of Sindhuli, Madhav Khanal of Arghakhanchi, Prashanta Pratap Shah of Kathmandu, Binda Dhakal of Nuwakot, Mingmar Tamang of Sindhupalchowk, Daman Basnet of Lalitpur and Manish Kumar Giri of Rupandehi.
Organizing a news conference in the capital city on Friday, the CIB said that they were arrested for running the illegal networking business as the bitcoin networking is not allowed in Nepal.
CIB Chief Pushkar Karki said that the business was against the Nepal Rastra Bank Act, 2058, adding that such business incurs loss to the State in the revenue to be collected in the State treasury.
Karki said that investigations have been initiated against them after getting permission from the District Court Kathmandu for the extension of their arrest date.
Bitcoin is a networking business in which the money is transacted generally through the social networking sites namely as Facebook and email and internet. This is a global digital payment system and is virtual money. As this is a non-banking transaction, it seriously jeopardizes country’s economy.
Nepal Police claimed that so far transaction of nearly one million US dollars has taken place in Nepal since the illegal trading was recorded in 2013.

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